FORM OF TERMINATION OF PURCHASE OPTION LEASE EXHIBIT
EXHIBIT [INSERT APPLICABLE LETTER]
FORM OF TERMINATION OF PURCHASE OPTION
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
REAL ESTATE LENDER
Attn: Loan Servicing
1234 Main Street
Anytown, CA 93344
TERMINATION OF PURCHASE OPTION
This Termination of Purchase Option ("Termination") is dated as of____________ by and between Successful Landlord, LLC a _____________ limited liability company ("Landlord") and Promising Tenant, Inc., a _____________ corporation ("Tenant").
A. Landlord and Tenant are the landlord and tenant, respectively, under that certain Lease dated as of ________ (the "Lease"), relating to certain real property located in the City of ___________________, County of ___________, State of _____________, more particularly described in Exhibit "A" attached hereto (the "Property").; and
B. Pursuant to Article __ of the Lease, Landlord has granted to Tenant the option to purchase (the "Purchase Option") the Property and the improvements and certain other property located thereon.
C. Landlord and Tenant caused to be recorded at Book __, Page __ [or as Instrument No. _________] in the Official Records of ______________ County, _____________, that certain Memorandum of Lease, in order to put interested parties on notice of the Purchase Option.
D. The Purchase Option has been terminated and is no longer of any force or effect.
E. Landlord and Tenant now desire to cause this Termination to be recorded in the Official Records of _______________________ County, _____________, in order to put interested parties on notice that the Purchase Option has been terminated.
Now Therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby (a) terminate the Purchase Option, (b) agree that the Purchase Option has terminated, and (c) agree that the Purchase Option is void and of no force or effect.
In Witness Whereof, Landlord and Tenant have executed this Termination as of the date first written above.
Successful Landlord, LLC a _____________ limited liability
Promising Tenant, Inc., a _____________ corporation
[ALL SIGNATURES MUST BE NOTARIZED]